How to manage the family budget

Managing the family budget can be a tricky task – and one that’s important to get right – so we’ve come up with some ways to make managing money a little easier for you.

3 tips for managing the family budget

Set up a new account just for your outgoing bill payments. When you get paid, transfer the amount you need to cover your bills into this account and then have your bills automatically debited from it. That way your bills money is separate from your spending money to help make sure you don’t come up short.

Open separate accounts for different expenses and financial goals, then change the name of each account to make it easier to manage. Some examples are ‘everyday spending’, ‘holidays’ and ‘house deposit’. Having labelled accounts is good for keeping you focused on what’s going where.

Look for the best deal for each of your big expenses – like groceries, power, internet and the gym. Challenge yourself to pick one expense each month to shop around for a better deal. You may even be able to cut down your expenses more than you think!